PMI vs MIP - Mortgage Hows with Sue Thao

What is PMI? What is MIP?

PMI is mortgage insurance for Conventional loans.
All conventional loans with a down payment less than 20% require PMI.
When you have paid down your home and built up 20% equity, you can ask your lender or servicer to remove PMI from your loan. Otherwise, PMI will automatically cancel once you reach 22% equity.
If your home appreciates in value sooner and rates are the same or better, refinance and get rid of PMI.
Annual PMI varies by how good your credit score is & how much you put down (less than 20%). The better your score and the more you put down, the lower your monthly PMI.

MIP is mortgage insurance for FHA loans.
Required on all FHA loans, regardless of your down payment amount.
You can remove MIP by refinancing your home into a conventional loan, assuming your home has reached an 80% LTV. Otherwise, see tables below for when MIP will fall off automatically.
The annual MIP rate varies depending on the following factors: loan term, loan size, and down payment.

*See the table below, for example. Due note that the loan Size Can Change.